Transactions can be made possible by the presentation or exchange of intermediary transaction objects, whether they are used for the communication of intent such as a purchase order, a proof of identity such as a driver's license, a medium of exchange and store of value such as cash or concert tickets, terms of agreement such as a contract, or an affirmation of completion such as a receipt.
Existing transaction systems were designed for specific implementations of digital transactions and fail to provide a secure and versatile transaction system. Email, for example, is an insecure means for transferring documents. The ability to edit Email messages and attachments from person to person can create uncertainty of the message and attachment integrity, thus rendering Email unsuitable for document security and credible transaction purposes.
Existing database systems are employed for data or figure-based transactions, such as bank account balances and bank fund transfers. However, existing database transactions are conducted in a transient manner with intangible records of data and data modifications.
Traditional public key infrastructure (PKI) may be used for secure one-way file transfers between parties but digital signatures and corresponding files lack flexibility for multiple transaction events.
Digital content container systems are limited to granting or denying access and encrypting container content. Because the purpose of these container systems is to manage the access rights of digital content, these containers can be copied and distributed to multiple owners. In addition, these systems are unable to efficiently process transaction objects and multiple transaction events.
Certain document transaction services suffer from problems with software compatibility, upgradeability, error detection and troubleshooting, virus protection, synergy among various applications and user accounts, and management of user activity. In other document transaction systems, discrepancies or confusion among users holding multiple, distinct copies of the same transaction object may arise.